Munich Re Group Quarterly Report 3/2007 · 2019-10-18 · Europe 2,434 2,578 6,341 6,3893,907 3,811 North America 1,738 1,698 74 6 1,812 1,704 Asia and Australasia 501 535 8 23 509

Munich Re GroupQuarterly Report

3/2007

QB_Umschlag_e 99QB_Umschlag_e 99 04.11.2007 22:48:51 Uhr04.11.2007 22:48:51 Uhr

Q1–3 2007 Q1–3 2006* Change Q3 2007 Q3 2006* Change % %

Gross premiums written €m 28,076 28,080 –0.0 9,148 9,017 1.5

Investment result €m 7,636 7,060 8.2 1,990 2,257 –11.8

Operating result €m 3,980 4,627 –14.0 1,132 1,307 –13.4

Taxes on income €m 394 1,539 –74.4 –173 510 –

Consolidated result €m 3,348 2,850 17.5 1,216 723 68.2 Thereof attributable to minority interests €m 54 61 –11.5 20 16 25.0

Earnings per share € 15.15 12.24 23.8 5,63 3,11 81.0

Combined ratio

– Reinsurance property-casualty % 98.0 91.2 97.1 90.4

– Primary insurance property-casualty % 92.9 91.0 92.1 89.1* Adjusted owing to IAS 8.

30.9.2007 31.12.2006 Change %

Investments €m 179,356 176,872 1.4

Equity €m 24,857 26,320* –5.6

Net technical provisions €m 155,739 153,872* 1.2

Staff 38,006 37,210 2.1

Share price € 134.77 130.42 3.3

Munich Re’s market capitalisation** €bn 29.4 29.9 –1.9 * Adjusted owing to IAS 8.** Includes own shares earmarked for retirement.

Munich Re GroupKey fi gures (IFRS)

Supervisory BoardDr. Hans-Jürgen Schinzler (Chairman)

Board of ManagementDr. Nikolaus von Bomhard (Chairman)Dr. Ludger ArnoldussenDr. Thomas BlunckGeorg DaschnerDr. Torsten JeworrekJohn Phelan (until 31 December 2007)Dr. Peter Röder (from 1 October 2007) Dr. Jörg SchneiderDr. Wolfgang Strassl

Supervisory Board/Board of Management/Key figures

Munich Re Quarterly Report 3/2007


1

Contents

To our shareholders 2

Interim management report 4

Key parameters 4

Business experience from 1 January to 30 September 2007– Reinsurance 5– Primary insurance 7– Asset management 9

Prospects 13

Financial statements as at 30 September 2007 16

Review report 47

Important dates

Contents


QB_3.07_1-15_engl 01QB_3.07_1-15_engl 01 04.11.2007 22:47:14 Uhr04.11.2007 22:47:14 Uhr

Dr. Nikolaus von Bomhard

Chairman of Munich Re’s

Board of Management

To our shareholders

Dear Shareholders,

With another very good result in the third quarter of 2007, the Munich Re Group has suc-cessfully completed an important stage on the way to reporting a new record profi t for the year. The annual closing date for our insurance business is, of course, 31 December, but at present things look very promising for the 2007 fi gures. In the third quarter, we posted a result of €1,216m (723m), thereby taking our profi t for the fi rst three quarters of the current fi nancial year to €3.3bn (2.9bn). The quarterly result benefi ted from the fact that we were able to recognise additional one-off income of around €400m as a consequence of the 2008 German business tax reform. Losses from natural catastrophes in the year to date have, asa whole, remained within the range of our expectations, being above budget in Europe and Asia and below budget in the hurricane-exposed regions of the USA.

Our combined ratio for the fi rst nine months of this year in both reinsurance and pri-mary insurance still bears the marks of the losses from European Winter Storm Kyrill. The combined ratio for this period in property-casualty reinsurance amounts to 98.0% (91.2%), whilst in primary insurance it totals 92.9% (91.0%). Despite the relative deterioration com-pared with last year, these are satisfactory levels, especially given the marked recovery the ratios showed in the second and third quarters. The fi gures for the third quarter were 97.1% in reinsurance and 92.1% in primary insurance. If no exceptional catastrophe losses occur before the end of the year, we can therefore expect a good result in respect of our combined ratios as well – an endorsement of our consistent cycle management and our selective and quality-oriented underwriting policy, which we are pursuing further in our Changing Gear programme for profi table growth.

Ladies and gentlemen, the topics of sustainability and climate change have received extensive coverage in the media this year, refl ecting the importance of these issues for the future of us all. What position do we as the Munich Re Group adopt here, what action are we taking, and what motives do we have for these activities?

The business model of insurance and the concept of sustainability have many parallels. A prospective, prudent and responsible approach is a defi ning trait for insurers. After all, in order to deal professionally with risk as the object of our business, we have to assess the fi nancial consequences of uncertain future events. Insurance is thus a forward-looking com-mitment aimed at mitigating the material impact of future losses for those affected. As insurers, we have to identify today the risks we will have to deal with tomorrow. That is key to turning risk into value.

Climate change and its consequences are a strategic issue for us; they directly affect our business. On the one hand, they open up a new business segment with major growth opportunities, for which we are developing innovative insurance products. One example is the Kyoto Multi Risk Policy, in which we combine traditional insurance products with a new element – protection against the uncertainty of carbon credit delivery. On the other hand, the growing number of severe natural catastrophes is making itself felt from region to

To our shareholders

2 Munich Re Quarterly Report 3/2007


region in ever greater loss burdens. That is why, in the business fi eld of reinsurance, our internationally renowned Geo Risks Research Unit has been devoting itself to the study of natural hazards for more than three decades. A focal point of the unit’s work is climate change and its impact on the frequencies and intensities of extreme weather events. We aim to use the fi ndings to ensure that risks continue to remain calculable and insurable.

We see it as our responsibility to make our knowledge available to the public and also to give politicians the relevant input for debate. In so doing, we draw attention to the eco-logical and social consequences of environmental changes, as well as the economic impact. Furthering the cause of sustainability and environmental protection is of importance to us not only as a “Group within society” but also with regard to the capital market. For the fact is that the concept of sustainability plays an increasingly central role for our investors as well. The inclusion of our shares in sustainability indices is consequently a must. By signing the UN Principles for Responsible Investment, we have made it clear that sustainability is also a leading selection criterion for our own investments. Beyond this, we are involved in numerous other organisations concerned with climate protection.

However, our commitment to prudent environmental protection is only credible if we practise this ourselves as a Group. We therefore also fulfi l our responsibility with regard to active climate protection. In June 2006, the Munich Re Group adopted a sustainability strat-egy with related guiding principles, in which we undertake to carefully manage the earth’s resources. This includes the resolute implementation of an effective environmental man-agement system. We have committed ourselves to the goal of completely neutralising our reinsurance group’s business-related CO2 emissions – i.e. making our operations carbon-neutral – by 2012. Our Munich location is geared to the highest European standard for en vironmental management systems through validation under the Eco-Management and Audit Scheme (EMAS). Besides this, the companies of our primary insurance group, ERGO, are constantly strengthening their environmental commitment. One of the ERGO com-panies, Victoria, was the fi rst European insurer to receive EMAS validation back in 1998.

My intention with these remarks on the subject of sustainability is to highlight an aspect of our activities that on the surface may appear to have little to do with our core business. In fact, our success in the long term will be determined substantially by how we position our-selves in this area and what action we take.

Yours sincerely,

To our shareholders

3Munich Re Quarterly Report 3/2007


– Global growth still robust– US economy suffering from effects of subprime mortgage crisis– Turbulences on the international capital markets

Key parameters

In the period under review, the global economy remained robust. Decreases in value on the US property market and the fear of mortgage loan defaults had a stronger impact than originally expected. Signs of a confi dence and liquidity crisis, with appreciable effects on the fi nancial markets, hindered economic growth in the USA in the third quarter. In China, by contrast, the high growth dynamics were maintained.

According to initial estimates, in the third quar-ter of 2007 the US economy recorded a seasonally adjusted and annualised real growth rate of 3.9% over the previous quarter. The property-market cri-sis and the turbulences it triggered on the fi nancial markets affected both private consumption and corporate investment.

Although the economy in the eurozone keptup its momentum, early indicators such as the Pur-chasing Managers’ Index for the manufacturing sector declined appreciably.

In Germany, the much-heeded ifo business cli-mate index was considerably down on the fi gure for June. While the current situation was assessed as comparatively good, economic expectations were only guardedly optimistic.

In Japan, too, the latest economic data point to a gradual economic slowdown. Compared with the very weak second quarter, however, growth in the third quarter is likely to have been higher.

Growing by 11.5% in real terms year on year, China again provided strong impulses for the global economy. The other emerging markets of Asia, eastern Europe and Latin America also bene-fi ted from the still-healthy global economy and were barely impacted by the distortions affecting the developed industrial nations’ fi nancial markets.

In the foreign-exchange markets, the euro initially fell by US$ 0.02 to about US$ 1.34 in mid-August, but subsequently rose to just over US$ 1.41 at the end of the quarter. Against the background of the emerging crisis in confi dence, the central banks provided the fi nancial markets with substantial liquid funds to avert a serious liquidity shortage. Moreover, the Federal Reserve lowered its key interest rate by 50 basis points to 4.75% in the period under review. In this environment of mount-ing tension and economic concerns, short-term interest rates and spreads rose appreciably world-wide, while long-term interest rates in the USA and the eurozone declined. The main international share price indices largely displayed a downward trend. The EURO STOXX 50 decreased marginally in the third quarter, with the US Dow Jones show-ing a slight improvement.

For 2007 as a whole, real economic growth in the USA is expected to be considerably lower than the past year’s fi gure of 2.9%. In the eurozone, we anticipate robust growth for the full year, with the likelihood of a deceleration in 2008. The same applies to Germany.

The global economy continues to be threat-ened by signifi cant risks, ranging from geopolitical uncertainty (political situation in the Middle East, further substantial increase in oil prices) to a fur-ther marked depreciation of the US dollar owing to the high US current account defi cit, or the outbreak of a global pandemic.


Interim management report_Key parameters


Business experience from 1 January to 30 September 2007

Reinsurance

– Very good consolidated result of €2.8bn in the fi rst three quarters– Higher cost burden of €999m from major losses for January to September; combined ratio of 98.0%– Successful treaty renewals at 1 July 2007 with risk-adequate prices

The Munich Re Group‘s reinsurance business per-formed positively as a whole in the third quarter. Although the operating result for the period July to September shows a year-on-year decrease of €309m to €798m (1,107m), we posted a satisfying operating result of €3,215m (3,694m) for the fi rst nine months, despite a considerable number of sizeable loss events. This success was founded on overall risk-adequate pricing in our underwriting business and a very positive investment result.

The Bundesrat approved the German Business Tax Reform Act 2008 on 6 July 2007. This results in a change in valuation of deferred taxes for the Ger-man Group companies at 30 September 2007 due to the lower tax rate applicable from 1 January 2008 in Germany. In the reinsurance segment, this leads to tax income of €314m, so that on balance for the third quarter we posted tax income of €141m. The consolidated result in reinsurance rose to €857m (605m) in the third quarter on account of the pleasing underwriting result, the very positive investment result and the lower tax rates. For the fi rst nine months, this fi gure was €2,779m (2,361m).

Our cycle management and underwriting disci-pline have helped to keep our combined ratios in non-life reinsurance low, despite natural catas-trophes. The treaty renewals in property-casualty reinsurance at the turn of the year, in early April and as at 1 July were successful. Since competitive pressure is still intense, rates have declined slightly on average, but remain at a risk-adequate level. In line with the maxim of “profi tability before premium volume”, we acquired new business with good earnings potential and were even able to increase premium volume in business renewed.

In order to generate further profi table growth, we are pursuing a number of promising initiatives in our Changing Gear programme. These have included setting up a new unit offering innovative products for special enterprise risks. In this area, we will cover companies that make long-term investments or have very long product-develop-ment processes against risks from such events as political changes or failure of suppliers. In addition, we have opened a branch in Kuala Lumpur devoted entirely to writing Retakaful business, initially focusing on Malaysia but with a view to expanding further afi eld in future. An alternative to the trad-itional types of reinsurance, Retakaful follows the

Q1–3 2007 Q1–3 2006 Q3 2007 Q3 2006

Gross premiums written €bn 16.5 16.8 5.5 5.5

Loss ratio property-casualty % 69.8 64.3 69.7 62.9

Expense ratio property-casualty % 28.2 26.9 27.4 27.5

Combined ratio property-casualty % 98.0 91.2 97.1 90.4 Thereof natural catastrophes Percentage points 7.3 0.7* 5.6 0.6*

Investment result €m 3,511 3,435 863 1,063

Operating result €m 3,215 3,694 798 1,107

Consolidated result €m 2,779 2,361 857 605 Thereof attributable to minority interests €m – – – –

* Adjusted owing to a change in method

30.9.2007 31.12.2006

Investments €bn 85.2 85.0

Net technical provisions €bn 59.2 59.6

Key reinsurance fi gures


Interim management report_Business experience/Reinsurance


principles of Islamic theology and is a concept for which we expect particularly dynamic growth. In the third quarter, we increased our stake in the US company Cairnstone Inc. from 25% to 100% for a purchase price of €18.3m. Cairnstone, which offers employers in the USA stop-loss covers for the healthcare expenditure they fi nance for their employees, managed a business volume of over US$ 80m in 2006. By taking over this segment-lead-ing company, we are extending our commitment in the American healthcare market and strengthening our competitive position.

In the third quarter, gross premiums written by our reinsurance group amounted to €5.48bn (5.50bn) – a decrease of 0.5% compared with the third quarter of 2006. In the fi rst nine months, gross premiums written totalled €16.5bn (16.8bn). The strength of the euro in relation to many other currencies had a negative impact on our premium income from foreign-currency business when denominated in euros. If exchange rates had remained the same, our premium volume would have increased by 2.8% in the third quarter, and by 1.6% in the course of the year.

In comparison with the same period of the pre-vious year, gross premiums written in the life and health segment fell by 4.1% to €1.87bn (1.95bn) inthe third quarter. Our premium income in the fi rst nine months totalled €5.5bn (5.8bn), down 5.5% against last year. Key factors in this were currency-exchange effects and the scheduled reduction of individual large-volume reinsurance treaties. Adjusted to eliminate the effects of changes in exchange rates, premium income decreased 2.2% between January and September.

Our premium income in property-casualty reinsur-ance was up 1.4% to €3.61bn (3.56bn) in the third quarter, but premiums fell 0.4% to €10.95bn (10.99bn) in the fi rst nine months of the business year, chiefl y due to currency effects. Adjusted to eliminate these effects, premium income rose by 3.7% in comparison to the fi rst three quarters of the previous year.

The combined ratio stood at 97.1% (90.4%) for the third quarter and at 98.0% (91.2%) for the period from January to September.

Large losses of over €5m each amounted to some €320m (146m) in the third quarter. At around €60m, Hurricane Dean was the largest loss occur-rence. We established provisions of around €50m for the fl oods in June and July in the UK. A satellite claim in our space business cost us a good €30m.

In the fi rst three quarters, claims costs for major losses were approximately 75% higher year on year at around €1.0bn (564m), Winter Storm Kyrill alone having led to losses of around €390m in the fi rst quarter.

Our reinsurers’ investment result came to €863m (1,063m) in the third quarter and €3.5bn (3.4bn) in the period from January to September. The major positive infl uences on the result for the fi rst three quarters were regular income from inter-est-bearing investments at €1.6bn (1.5bn) and the result of €1.3bn (1.2bn) from the sale of stocks. Increased dividend income and gains of approx-imately €220m on the disposal of a German real-estate package (see page 9) also contributed to the very strong investment result in reinsurance.

Gross premiums by division Q1–3 2007

Corporate Underwriting/Global Clients 17% (16%)

North America 11% (12%)

Europe and Latin America 18% (15%)

Special and Financial Risks 7% (9%)

Life and Health 34% (35%)

Germany, Asia Pacifi c and Africa 13% (13%)


Interim management report_Business experience/Reinsurance


Primary insurance

– Very good consolidated result of €752m in the fi rst three quarters– Healthy combined ratio of 92.9% – Gross premiums written up 3.5% to €12.8bn (12.4bn), buoyed by İsviçre Group

Gross premiums by class of insurance Q1–3 2007

Property-casualty 29% (27%)

Legal expenses 6% (5%)

Life 34% (37%)

Health 31% (31%)

Q1–3 2007 Q1–3 2006* Q3 2007 Q3 2006*

Gross premiums written €bn 12.8 12.4 4.0 3.9

Loss ratio property-casualty % 59.5 55.3 59.8 53.5

Expense ratio property-casualty % 32.8 34.2 31.2 34.0

Combined ratio property-casualty % 92.3 89.5 91.0 87.5

Combined ratio legal expenses insurance % 95.3 96.5 96.8 95.2

Combined ratio property-casualty including legal expenses insurance % 92.9 91.0 92.1 89.1

Investment result €m 4,512 3,909 1,176 1,265

Operating result €m 923 986 313 193

Consolidated result €m 752 562 342 116 Thereof attributable to minority interests €m 57 59 24 15

30.9.2007 31.12.2006

Investments €bn 108.8 107.4

Net technical provisions €bn 96.6 94.3** Adjusted owing to IAS 8.

Key primary insurance fi gures

The Munich Re Group’s primary insurers, essen-tially comprising the ERGO Insurance Group, Europäische Reiseversicherung and the Watkins Syndicate, posted an operating result of €313m (193m) in the third quarter of 2007, a satisfying increase of 62.2%. For January to September, their operating result showed a reduction of 6.4%, but was still good at €923m (986m).

The consolidated result in primary insurance for the fi rst nine months of 2007 came to €752m (562m), of which €342m (116m) was for the third quarter. The main factor behind the 33.8%

increase in profi ts after nine months was one-off tax income of €118m, which was posted in the third quarter owing to the passing of the German Busi-ness Tax Reform Act 2008.

In the third quarter of 2007, gross premiums written by our primary insurance group totalled €4.0bn (3.9bn), an increase of 4.1%. Growth in the fi rst nine months amounted to 3.5%, and was espe-cially prominent in our international business, above all in property-casualty insurance and in the health segment. Since the start of the year, gross premiums written show a rise to €12.8bn (12.4bn).


Interim management report_Business experience/Primary insurance


Our life insurers wrote gross premiums of €1.4bn (1.5bn) in the third quarter of 2007, a reduction of 6.2% compared with the third quarter of 2006. In the course of the year, premium volume fell by 5.1% to €4.4bn (4.6bn). This decline primarily refl ects the high number of planned policy termi-nations in German business, where premium vol-ume showed a decrease to €3.7bn (3.9bn) since the beginning of the year. German new business in the third quarter was up on the previous year, rising by 6.2%. From January to September, however, it experienced a slight decline of 1.5%. This was chiefl y due to a “basis” effect: the third subsidisa-tion stage for Riester policies had given a major boost to new business in early 2006. Without this “basis” effect, there would have been a 4.3% increase. Single-premium business continued to improve in the fi rst three quarters. The expansion in new business was mainly due to unit-linked life insurance and classic annuity products. Outside Germany, the development of business in Belgium and Poland was particularly pleasing.

In health insurance, we recorded a signifi cant rise in premium income of 4.8% to €1.32bn in the third quarter of 2007, compared with €1.26bn in the same quarter last year. Since the start of the year, premium showed growth of 4.7% to €4.0bn (3.8bn), a key factor being the good business development abroad, where the improvement – at 12.4% – was considerably higher than in Germany (3.5%). Pre-mium increases in Belgium and Spain were partic-ularly strong. In Germany, gross premiums written in supplementary health business made good headway (+6.4%), and we recorded an increase rate of 2.8% in comprehensive health insurance. The disproportionate growth in supplementary health insurance was attributable to the excellent new-business fi gures from last year’s second and third quarters, which fully impact premiums this year. The total number of all policyholders was up 7.6% on the previous year, rising noticeably (by 9.5%) in supplementary health insurance but remaining virtually unchanged (–0.5%) in compre-hensive health insurance.

In property-casualty insurance, we generated gross premium income of €1.3bn (1.1bn) in the third quarter of 2007, a robust increase of 17.2% against the third quarter of 2006. Premium income since the beginning of the year climbed 12.4% to €4.4bn (4.0bn), thanks largely to ERGO’s foreign business. As a result of changes in the consoli-

dated group, gross premiums written expanded by a signifi cant 58.8%, and still showed an improve-ment of 14.0% when adjusted for the acquisition of the Turkish İsviçre Group in 2006. This positive development is largely linked to the very satisfac-tory growth in Poland and the Baltic States. At €2.12bn (2.11bn), ERGO’s German business remained at around the same level as in the previ-ous year. This was mainly because of the trend in motor insurance, where premium income declined by 5.5%, above all owing to our profi t-oriented underwriting policy and the reassignment of an increased number of policyholders to higher no-claims bonus classes. The performance of ERGO’s target lines remained positive: from January to September, personal accident insurance grew by 1.0%, and commercial property and liability busi-ness by as much as 18.8% and 6.0% respectively.

ERGO’s legal expenses insurance showed pre-mium income of €219m (209m) in the third quarter of 2007, representing growth of 4.8% compared with last year. From January to September, gross premiums written climbed to €687m (652m). Both domestic (+1.8%) and foreign business contributed to this growth, the latter again playing a key role with marked expansion of 9.3% to €350m (321m).

At 92.9%, the combined ratio for property-casualty business (including legal expenses insur-ance) for the fi rst nine months of 2007 was higher than for the same period last year (91.0%). Winter Storm Kyrill had given rise to high claims costs at the start of the year. The combined ratio for the third quarter of 2007 in isolation was 92.1% (89.1%).

The investment result in primary insurance for January to September came to €4.5bn (3.9bn). Of this, €1.2bn (1.3bn) was attributable to the third quarter.

Partly owing to real-estate sales (see page 9), our primary insurers contributed approximately €340m to the investment result in the currentfi nancial year, with gains on disposals from the re structuring of the equity portfolio amounting to €1.2bn (1.1bn).

Development on the bond markets had a posi-tive effect on the derivative fi nancial instruments used in hedging against the reinvestment risk in the event of falling interest rates. In consequence, the balance of write-ups and write-downs of deriva-tives in life insurance improved by €117m year on year.


Interim management report_Business experience/Primary insurance


Q1–3 2007 Q1–3 2006 Change Q3 2007 Q3 2006 Change €m €m % €m €m %

Regular income 6,240 5,956 4.8 1,955 1,829 6.9

Write-ups/write-downs –766 –717 –6.8 –326 83 –

Net realised capital gains 2,579 2,221 16.1 566 443 27.8

Other income/expenses –417 –400 –4.3 –205 –98 –109.2

Total 7,636 7,060 8.2 1,990 2,257 –11.8

Investment result

Q1–3 2007 Q1–3 2006 Change Q3 2007 Q3 2006 Change €m €m % €m €m %

Real estate 747 275 171.6 64 81 –21.0

Investments in affi liated companies –17 35 – –4 1 –

Investments in associates 270 76 255.3 210 39 438.5

Mortgage loans and other loans 1,016 862 17.9 357 298 19.8

Other securities 5,542 5,649 –1.9 1,413 1,746 –19.1

Deposits retained on assumed reinsurance and other investments 304 456 –33.3 77 155 –50.3

Investments for the benefi t of life insurance policyholders who bear the investment risk 51 39 30.8 –25 56 –

Expenses for the management of investments and other expenses 277 332 –16.6 102 119 –14.3

Total 7,636 7,060 8.2 1,990 2,257 –11.8

Investment result by type of investment

For the period January to September, the Munich Re Group posted an investment result of €7,636m (7,060m), or 8.2% more than in the same period last year. The third-quarter result amounted to €1,990m (2,257m).

Compared with the previous year, regular income from investments in the fi rst three quarters increased by 4.8% to €6,240m (5,956m), mainly owing to the higher average returns achieved in our bond portfolios. The chief benefi ciaries of this trend were our primary insurers, which have approximately 80% of their assets invested in fi xed-interest securities.

Net gains from the sale of investments totalled €2,579m (2,221m) in the period under review, pri-marily due to the active management of our real-estate and equities portfolios. Since the beginning of the year, we have achieved gains on disposal of around €600m from the sale of a real-estate pack-age comprising residential and commercial prop-erties throughout Germany. The sale was initiated in 2006 and is being completed in the course of this year. Approximately €550m of these gains are included in the investment result. The remainder is apportionable to owner-occupied property.

Asset management

– Excellent investment result of €7.6bn– Large gains on the sale of real estate and shares– US subprime mortgage crisis leads to corrections on the capital markets


Interim management report_Business experience/Asset management


Reinsurance Primary insurance Asset management Total

Life and Property- Life and Property- health casualty health casualty

30.9. 31.12. 30.9. 31.12. 30.9. 31.12. 30.9. 31.12. 30.9. 31.12. 30.9. 31.12.All fi gures in €m* 2007 2006 2007 2006 2007 2006 2007 2006 2007 2006 2007 2006

Land and buildings, including buildings on third-party land 459 585 659 766 2,735 3,188 93 114 65 67 4,011 4,720

Investments in affi liated companies 39 24 50 28 53 43 108 75 9 8 259 178

Investments inassociates 61 65 148 175 408 537 295 286 55 62 967 1,125

Loans 132 103 168 117 32,906 27,791 1,583 1,508 7 9 34,796 29,528

Other securitiesheld to maturity – – – – 206 242 8 10 – – 214 252

Other securities available for sale 11,047 10,932 49,077 48,339 55,218 57,383 6,115 6,227 167 34 121,624 122,915

– Fixed-interest 9,089 8,798 38,815 37,414 44,164 46,292 4,485 4,350 160 27 96,713 96,881

– Non-fi xed-interest 1,958 2,134 10,262 10,925 11,054 11,091 1,630 1,877 7 7 24,911 26,034

Other securitiesheld for trading 137 117 553 595 418 344 363 287 – – 1,471 1,343

– Fixed-interest 8 10 372 455 82 97 339 274 – – 801 836

– Non-fi xed-interest – – 8 6 – – 10 7 – – 18 13

– Derivatives 129 107 173 134 336 247 14 6 – – 652 494

Deposits retained on assumed reinsurancebusiness 8,864 9,772 1,722 1,904 273 250 5 5 – – 10,864 11,931

Other investments 422 230 787 612 981 1,775 450 251 447 192 3,087 3,060

Investments for thebenefi t of life insurancepolicyholders who bearthe investment risk – – – – 2,063 1,820 – – – – 2,063 1,820

Total 21,161 21,828 53,164 52,536 95.261 93,373 9,020 8,763 750 372 179,356 176,872* After elimination of intra-Group transactions across segments.

Investment mix

Further diversifi cation of our equities portfolio and profi t-taking to capitalise on rising share prices enabled us to post gains of €2,498m (2,353m) on the disposal of shares in the fi rst nine months.

Corrections on the stock markets after the mid-year reporting date led to impairment losses in our equities portfolio, which impacted the investment result by €224m (16m) in the third quarter.

To hedge our portfolio against price, interest-rate and exchange-rate fl uctuations, we use deriva-tive fi nancial instruments, such as options, futures, swaps and forward trading. The balance of dis-posals, write-ups and write-downs of these items totalled –€539m (–€564m) in the period January to September.

The environment continues to be diffi cult for fi nancial instruments exposed to the US subprime mortgage markets. In relation to the Munich Re

Group’s total investment volume, only a small amount is invested in such items – some €374m,or 0.2% of our overall investment portfolio. This includes our holdings of credit derivatives affected in this context, revaluation of which gave rise to losses of around €120m in the fi rst nine months. In addition, there were losses on disposal and impair-ment losses of around €30m on the above-men-tioned fi nancial instruments exposed to the US subprime mortgage markets. The burdens are thus within the range of our expectations announced after the second quarter. We have based the impair-ment losses on the available indicators for market prices, even though the almost complete loss of demand meant that such an approach resulted in signifi cantly lower values than a purely model-oriented valuation.




The carrying amount of the Munich Re Group’s investments developed positively overall, rising since the beginning of the year by 1.4% to €179.4bn (176.9bn).

Cash infl ows are invested mainly in long-term bonds in primary insurance, whereas in reinsur-ance they are mostly invested in securities with medium-term maturities.

In our investment strategy, with its holistic approach based on asset-liability management, the structure of our liabilities plays a key role. In other words, we take into account the characteristics of the payment obligations from insurance business, including their dependence on economic factors such as interest rates, currency and infl ation, and we acquire investments that are similar in structure and maturity, thus cushioning our result against capital market fl uctuations.

In addition, we also consider environmental and sustainability aspects in our investment pro-cess: on the one hand, we have laid down sustain-ability criteria for our investment decisions and, on the other, we invest in such items as renewable energies and afforestation.

As at 30 September 2007, our portfolio of fi xed-interest securities and loans amounted to €132.6bn (127.5bn), making up around 74% of our total investments at carrying amounts.

The volume of equities, including investments in affi liated non-consolidated companies and as -sociates, was lower at the end of the quarter than at the start of the year, totalling €24.5bn (25.8bn). The proportion of our investments in equities on a

book-value basis amounted to 13.7% at 30 Septem-ber 2007, compared with 14.6% at the end of 2006, whilst at market values – taking into account equity derivatives used in hedging – the proportion fell from 14.1% to 11.3%.

The carrying amount of land and buildings in our investment portfolio showed a decrease of €0.7bn to €4.0bn (4.7bn) since the beginning of the year, mainly due to book-value reductions from the sale of the real-estate package.

Net unrealised gains based on the market valu-ation of our securities available for sale totalled €6.6bn (9.3bn) at the end of the quarter (see table “Other securities – Available for sale” on page 34of the notes to the consolidated fi nancial state-ments). Net unrealised losses on our fi xed-interest securities available for sale recognised at market value were down by €1.2bn in the third quarterto –0.4bn, as interest-rate levels fell due to thefi n ancial market crisis and investments in low-risk se curities such as government bonds increased in value and losses were realised. The global rise in interest rates had led to net unrealised losses in the second quarter of 2007.

The favourable performance of the stock mar-kets up to the middle of the year was followed by a price correction at the start of the second half-year, triggered by the crisis in the US mortgage market. In combination with sales from our equities port-folio, this meant that in the fi rst nine months net unrealised gains on non-fi xed-interest securities available for sale decreased by €1.5bn to €7.0bn (8.5bn).

Valuation Fair Carrying Valuation Fair Carrying reserves value amount reserves value amountAll fi gures in €m 30.9.2007 30.9.2007 30.9.2007 31.12.2006 31.12.2006 31.12.2006

Land and buildings* 1,360 7,735 6,375 1,822 9,077 7,255

Associates 296 1,254 958 302 1,408 1,106

Loans –1,331 33,465 34,796 –216 29,312 29,528

Other securities 1 215 214 5 257 252

Total 326 42,669 42,343 1,913 40,054 38,141*Including owner-occupied property.

Valuation reserves not recognised in the balance sheet




Our off-balance-sheet valuation reserves mainly derive from loans recognised in the balance sheet at amortised cost, owner-occupied and investment property, and investments in associates. Since the beginning of the year, these off-balance-sheet reserves showed a decline of €1.6bn to €0.3bn (1.9bn), some €0.2bn (0.3bn) of which was attributable to owner-occupied real estate.

The sale of the package of German real estate reduced our unrealised valuation reserves by around

€600m, with owner-occupied real estate accounting for approximately €50m.

In connection with our loan portfolio, 99% of which is held by our primary insurers, there are also hidden nega-tive valuation differences. These increased by €1,115m in the course of the year owing to the rise in long-term cap-ital market interest rates, although there was an appreci-able recovery in the third quarter as a result of marginally falling yields.

Total assets under management

30.9.2007 31.12.2006

Group’s own investments €bn 172.0 172.4

Third-party investments €bn 9.5 11.2

Q1–3 2007 Q1–3 2006 Q3 2007 Q3 2006

Group asset management result €m 49 30 2 3

MEAG MUNICH ERGO AssetManagement GmbH is the asset manager of Munich Re and the ERGO Insurance Group. Its investments under management for the Munich Re Group total €172.0bn (172.4bn).

In addition to its function as asset manager for the Group, MEAG also offers its competence to private and institutional clients. Private-client business was slightly down on the previous quarter. Given the uncertainties surrounding the impact of the US mortgage market crisis, investors’ attention has focused on security-oriented investments such as money-market funds with stable prices and the recently introduced capital protected funds. Assets invested for private clients in retail funds amounted to €2.5bn (2.7bn) at the end of the quarter.

Two new segregated real estate funds governed by Lux-embourg law – MEAG European Retail Fund and MEAG European Logistics Fund – were successfully launched on the market. MEAG’s assets under management for institu-tional clients reduced to €7.0bn (8.5bn), owing to profi t-taking in the real-estate sector.

Around one year ago, MEAG acquired a stake of 19% in PAMC, the asset manager of the PICC (People’s Insur-ance Company of China, the largest Chinese property insurer). This participation has developed well: PAMC’s assets under management rose by 40% to €6.3bn (4.5bn) in the fi rst nine months, and should continue to grow strongly.




Prospects

There are various reasons why the quarterly results of insurance companies, including Munich Re, are not a suit-able indicator for the results of the fi nancial year as a whole. Losses from natural catastrophes and other major losses have a disproportionate impact on the result of the reporting period in which they randomly and unforesee-ably occur. Late-reported claims for major loss events can also lead to substantial fl uctuations in individual quarter-ly results. And fi nally, gains and losses on the disposal of investments do not follow a regular pattern. Conse-quently, our quarterly fi gures do not provide more than pointers to the result for the year that may be expected.

ReinsuranceReinsurance continues to hold considerable promise for the future, with a wide variety of earnings opportunities. The global reinsurance market will carry on growing in the next ten years. We intend to participate in this devel-opment and be the most profi table of the big fi ve reinsur-ers.

To this end, we have combined strategic business ini-tiatives and organisational and structural projects in a growth initiative with the motto “Changing Gear”. At the heart of this initiative is our determination to provide our clients more rapidly with innovative and even better tailored products. Beyond this, we intend to simplify our internal processes, reduce any unnecessary bureaucracy and improve our services.

As part of our growth initiative, we aim to signifi -cantly increase the volume of profi table business in the USA in the medium term. With effect from 1 January 2008, we will introduce a set-up at Munich Re America structured according to client groups that allows us to develop reinsurance solutions specifi cally geared to client requirements. In addition, we intend to expand our broker business and build a dominant position in niche primary insurance segments. With these measures, we are laying the foundations for a medium-term increase in our profi t-ability in the USA. Implementation will be effected in

accordance with our fundamentally profi t-oriented under-writing policy and will be strictly cycle-dependent. In mid-October 2007, we concluded an agreement with US pri-mary insurer Midland, subject to which we will acquire 100% of Midland‘s shares for a purchase price of around US$ 1.3bn (€0.9bn). The acquisition requires the accept-ance of Midland’s shareholders and the approval of vari-ous authorities, so the transaction is not expected to be completed until next year. Midland is a provider of spe-cialty insurance in such niche segments as the insurance of manufactured housing and motorhomes. With pre-mium income of US$ 832m (€679m) in 2006 and low com-bined ratios (2006: 93.0%; 2005: 93.8%; 2004: 96.3%), Mid-land is one of the leading US specialty insurers. The company is excellently positioned owing to its various distribution channels and presence in 50 states and will offer us sustained opportunities for selling our special products for commercial risks.

At the end of October, we also acquired the British company MSP Underwriting Ltd. and thus a stake of 47.3% in Lloyd‘s Syndicate 318. MSP Underwriting focuses on short-tail international property business. The acquisition gives us further access to business written via Lloyd’s, in lines not already covered by the Watkins Syndi-cate in the Munich Re Group.

In life reinsurance, premium income will decline somewhat in 2007, since the euro has gained considerable ground against most currencies, and we are reducing sev-eral large-volume reinsurance treaties as planned. For the coming years, however, we anticipate that fundamental growth impulses will derive from the restructuring of European insurance supervision (Solvency II) and the continuing privatisation trend in old-age and disability provision in developed countries.

– Reinsurance markets still attractive– Expectations for the annual result 2007 (subject to normal major-loss incidence and capital market developments):

· Moderate reductions in reinsurance premium income owing to currency infl uences· Rising premium in primary insurance, especially in property-casualty business· Sights set on outstanding consolidated result of €3.5–3.8bn· Clear surpassing of 15% return target (RORAC)· Continuation of active capital management


Interim management report_Prospects


The fi eld of health business presents a host of av -enues for growth with various business models. We offer our clients more than the insurance indus-try’s usual value chain, because we integrate pri-mary insurance and reinsurance more strongly and provide extensive services. We intend to further intensify the close cooperation between Munich Re and DKV in selected foreign markets.

Cycle management, underwriting discipline, client focus and leading know-how continue toprovide the foundations for our good results in property-casualty reinsurance. In recent renewals, rates declined slightly owing to continuing com-petitive pressure but we nevertheless fi rmly ad- hered to risk-adequate prices and conditions. We will consistently refrain from participating in busi-ness that does not meet our stringent profi tability requirements and will further expand special seg-ments with strong margins. In the renewal negotia-tions for 2008, which will take place at the end of the year and involve roughly two-thirds of our treaty business, we will fi rmly pursue our long-term-oriented business strategy. Only in this way can we ensure our sustained viability and achieve our ambitious result targets.

Reinsurance business has performed very well so far this year, even though our burden from major losses totalling €999m (564m) was far higher than in 2006, owing to major natural catastrophe losses such as Winter Storm Kyrill, Hurricane Dean and the fl oods in the United Kingdom.

For the year as a whole, we project a burden of 7% from natural catastrophes. We are nevertheless confi dent of being able to achieve a combined ratio of under 97% if in the remaining two months of the year we are not confronted with above-average losses from single major events.

It is likely that our gross premiums for 2007 will decrease to approximately €21.0–21.5bn, in part owing to the strong euro. Following the out-standing performance of the fi rst three quarters and taking into account one-off income from the German Business Tax Reform Act 2008 totalling around €300m, we could marginally surpass our annual profi t target of €3.0–3.2bn in reinsurance, given a low claims burden from major losses and an at least satisfactory performance of the capital markets for the remainder of the year.

Primary insuranceIn life insurance, we anticipate increased new busi-ness in Germany, mainly owing to higher income from single premiums. The previous year’s fi gure had been positively infl uenced by the commence-ment of the third subsidisation stage for Riester policies at the beginning of 2006. In 2007, unit-

linked life insurance will experience very satisfac-tory growth, as will company pension business. Given the high number of life insurance policies concluded in the 1990s that are still scheduled to terminate, we reckon with a marginal decline in total premium income.

In health business, we will be able to achieve further sales in supplementary health insurance and generate growth in German business with comprehensive health insurance. Overall, pre-mium income growth for 2007 should exceed the 3% growth rate expected for the German market as a whole.

We expect a strong expansion of premium vol-ume in property-casualty business, particularly owing to good foreign business. In domestic busi-ness, we are proceeding on the assumption that gross premiums written will remain at the previous year’s level. As far as the result is concerned, we are optimistic that we will again be able to achieve a combined ratio of below 95% in property-casu-alty business, including legal expenses insurance, despite the high claims expenditure for Winter Storm Kyrill at the beginning of the year.

On 30 October 2007, a non-life insurance joint venture in India was agreed on between ERGO and the Housing Development Finance Corporation (HDFC Ltd.). ERGO International AG will acquirea 26% share in HDFC General Insurance Ltd.,Mumbai, the remainder being held by HDFC Ltd. The new company will be renamed HDFC ERGO General Insurance Ltd. The joint venture underlines ERGO’s international expansion strategy and offers direct entry into the Indian non-life insurance mar-ket with its very promising growth prospects.

All in all, gross premiums written in primary insurance for the year 2007 should total between €17.0bn and €17.5bn, enabling us to generate a sat-isfactory growth rate. On the basis of our perform-ance in the fi rst nine months of the year, we are confi dent of being able to maintain our successful course and also to deliver a positive result in the fourth quarter of 2007. Given the good develop-ment of our insurance business, combined with the one-off tax benefi ts and the good investment result fi gure thus far, we project that we will be able to fulfi l our profi t expectations, which we raised to around €900m in the previous quarter.


Interim management report_Prospects


Munich Re GroupIn the third quarter, we continued to pursue our active capital management by buying back more shares. By the end of October, we had repurchased 10.2 million Munich Re shares worth €1.4bn. These share buy-backs are scheduled to attain a volume of at least €2bn by the Annual General Meeting on 17 April 2008. Further shares with a volume of €3bn are set to follow by 2010. Reducing the number of shares issued and improving our profi t will enable us to boost our earnings per share – proceeding from a normalised basis in 2007 – by an average of 10% annually by 2010.

In addition, we intend to pay our shareholders an annual dividend of at least €1bn for the fi nancial years 2007 to 2009.

The basis for these high payouts of at least €8bn to our shareholders is to be our good busi-ness results. We expect that the Munich Re Group’s consolidated premium income for 2007 will total between €36.5bn and €37.5bn. The expectation for our investments in 2007 is a return of 5% on their average market value.

For our consolidated result, we are adhering to our long-term objective of earning a return on risk-adjusted capital (RORAC) of at least 15%. In view of the very good performance of our business in the past nine months and taking into account one-off income of around €400m from the German Busi-ness Tax Reform Act/Annual Tax Act 2008, we aim to achieve a consolidated annual profi t of between €3.5bn and €3.8bn. This profi t fi gure is equivalent to a RORAC of 18–20%. Given the outstanding busi-ness performance of the fi rst nine months, we could marginally exceed our Group profi t target range for the year provided that, for the remaining period, the burden from major losses is low and the capital markets continue to develop at least satisfac torily.

The statements relating to opportunities and risks as presented in the Munich Re Group’s Annual Report 2006 apply unchanged.



Consolidated fi nancial statements Consolidated balance sheet as at 30 September 2007

Assets 31.12.2006* Change

€m €m €m €m €m %

A. Intangible assets

I. Goodwill 3,161 3,229 –68 –2.1

II. Other intangible assets 1,018 1,055 –37 –3.5

4,179 4,284 –105 –2.5

B. Investments

I. Land and buildings, including buildings on third-party land 4,011 4,720 –709 –15.0Thereof:– Investment property held for sale 775 1,164 –389 –33.4

II. Investments in affi liated companies and associates 1,226 1,303 –77 –5.9

III. Loans 34,796 29,528 5,268 17.8

IV. Other securities

1. Held to maturity 214 252 –38 –15.1

2. Available for sale 121,624 122,915 –1,291 –1.1

3. Held for trading 1,471 1,343 128 9.5

123,309 124,510 –1,201 –1.0

V. Deposits retained on assumed reinsurance 10,864 11,931 –1,067 –8.9

VI. Other investments 3,087 3,060 27 0.9

177,293 175,052 2,241 1.3

C. Investments for the benefi t of life insurance policyholders who bear the investment risk 2,063 1,820 243 13.4

D. Ceded share of technical provisions 5,795 6,593 –798 –12.1

E. Receivables 8,850 8,825 25 0.3

F. Cash at bank, cheques and cash in hand 2,549 2,172 377 17.4

G. Deferred acquisition costs– Gross 8,444 8,298 146 1.8– Ceded share 82 108 –26 –24.1– Net 8,362 8,190 172 2.1

H. Deferred tax assets 4,869 5,368 –499 –9.3Thereof:– Deferred tax assets relating to disposal groups 12 16 –4 –25.0

I. Other assets 3,285 3,541 –256 –7.2Thereof:– Owner-occupied property held for sale 84 66 18 27.3

Total assets 217,245 215,845 1,400 0.6*

Adjusted owing to IAS 8 (procedure for first-time consolidation, provisions for deferred premium refunds on retained profits of sub-sidiaries, correction of deferred taxes and goodwill). For details, please see notes to the consolidated financial statements.


Consolidated balance sheet


Equity and liabilities 31.12.2006* Change

€m €m €m €m %

A. Equity

I. Issued capital and capital reserve 7,388 7,388 – –

II. Retained earnings 9,552 9,400 152 1.6

III. Other reserves 4,123 5,629 –1,506 –26.8

IV. Consolidated result attributable to Munich Re equity holders 3,294 3,425 –131 –3.8

V. Minority interests 500 478 22 4.6

24,857 26,320 –1,463 –5.6

B. Subordinated liabilities 4,905 3,419 1,486 43.5

C. Gross technical provisions

I. Unearned premiums 6,240 5,870 370 6.3

II. Provision for future policy benefi ts 95,586 94,660 926 1.0

III. Provision for outstanding claims 46,628 47,076 –448 –1.0

IV. Other technical provisions 10,895 10,929 –34 –0.3 Thereof:

– Provision for deferred premium refunds relating to disposal groups –113 –169 56 33.1

159,349 158,535 814 0.5

D. Gross technical provisions for life insurance policies where the investment risk is borne by the policyholders 2,185 1,930 255 13.2

E. Other accrued liabilities 5,005 4,865 140 2.9

F. Liabilities

I. Bonds and notes issued 351 378 –27 –7.1

II. Deposits retained on ceded business 2,213 2,241 –28 –1.2

III. Other liabilities 11,237 10,015 1,222 12.2 Thereof:

– Amounts due to banks relating to disposal groups 250 231 19 8.2

13,801 12,634 1,167 9.2

G. Deferred tax liabilities 7,143 8,142 –999 –12.3 Thereof:

– Deferred tax liabilities relating to disposal groups 65 65 – –

Total equity and liabilities 217,245 215,845 1,400 0.6*

Adjusted owing to IAS 8.


Consolidated balance sheet


Consolidated income statement for the period 1 January to 30 September 2007

Items Q1–3 2007 Q1–3 2007 Q1–3 2007 Q1–3 2006* Change

€m €m €m €m €m %

Gross premiums written 28,076 28,080 –4 –0.0

1. Earned premiums – Gross 27,557 27,853 –296 –1.1– Ceded share 1,134 1,352 –218 –16.1– Net 26,423 26,501 –78 –0.3

2. Investment result– Investment income 11,295 9,590 1,705 17.8– Investment expenses 3,659 2,530 1,129 44.6– Total 7,636 7,060 576 8.2Thereof:– Income from associates 270 76 194 255.3

3. Other income 1,572 1,253 319 25.5

Total income (1–3) 35,631 34,814 817 2.3

4. Net expenses for claims and benefi ts – Gross 23,845 23,049 796 3.5– Ceded share 574 788 –214 –27.2– Net 23,271 22,261 1,010 4.5

5. Operating expenses – Gross 6,823 6,722 101 1.5– Ceded share 327 327 – –– Net 6,496 6,395 101 1.6

6. Other expenses 1,884 1,531 353 23.1

Total expenses (4–6) 31,651 30,187 1,464 4.8

7. Result before impairment losses of goodwill 3,980 4,627 –647 –14.0

8. Impairment losses of goodwill – – – –

9. Operating result 3,980 4,627 –647 –14.0

10. Finance costs 238 238 – –

11. Taxes on income 394 1,539 –1,145 –74.4

12. Consolidated result 3,348 2,850 498 17.5 Thereof:– Attributable to Munich Re equity holders 3,294 2,789 505 18.1– Attributable to minority interests 54 61 –7 –11.5

€ € € %

Earnings per share 15.15 12.24 2.91 23.8 *



Consolidated income statement


Consolidated income statement for the period 1 July to 30 September 2007

Items Q3 2007 Q3 2007 Q3 2007 Q3 2006* Change

€m €m €m €m €m %

Gross premiums written 9,148 9,017 131 1.5

1. Earned premiums – Gross 9,151 9,250 –99 –1.1– Ceded share 383 438 –55 –12.6– Net 8,768 8,812 –44 –0.5

2. Investment result– Investment income 3,625 2,887 738 25.6– Investment expenses 1,635 630 1,005 159.5– Total 1,990 2,257 –267 –11.8Thereof: – Income from associates 210 39 171 438.5

3. Other income 553 337 216 64.1

Total income (1–3) 11,311 11,406 –95 –0.8

4. Net expenses for claims and benefi ts – Gross 7,462 7,723 –261 –3.4– Ceded share 180 255 –75 –29.4– Net 7,282 7,468 –186 –2.5

5. Operating expenses – Gross 2,263 2,261 2 0.1– Ceded share 107 84 23 27.4– Net 2,156 2,177 –21 –1.0

6. Other expenses 741 454 287 63.2

Total expenses (4–6) 10,179 10,099 80 0.8

7. Result before impairment losses of goodwill 1,132 1,307 –175 –13.4


9. Operating result 1,132 1,307 –175 –13.4

10. Finance costs 89 74 15 20.3

11. Taxes on income –173 510 –683 –

12. Consolidated result 1,216 723 493 68.2 Thereof:– Attributable to Munich Re equity holders 1,196 707 489 69.2– Attributable to minority interests 20 16 4 25.0

€ € € %

Earnings per share 5.63 3.11 2.52 81.0 *





Consolidated income statement(quarterly breakdown)

Items Q3 2007 Q2 2007 Q1 2007* Q4 2006* Q3 2006* Q2 2006* Q1 2006* €m €m €m €m €m €m €m

Gross premiums written 9,148 8,908 10,020 9,356 9,017 9,027 10,036

1. Earned premiums – Gross 9,151 9,263 9,143 9,760 9,250 9,280 9,323– Ceded share 383 402 349 547 438 469 445– Net 8,768 8,861 8,794 9,213 8,812 8,811 8,878

2. Investment result– Investment income 3,625 3,685 3,985 2,792 2,887 3,674 3,029– Investment expenses 1,635 1,200 824 880 630 1,000 900– Total 1,990 2,485 3,161 1,912 2,257 2,674 2,129Thereof: – Income from associates 210 39 21 –32 39 24 13

3. Other income 553 607 412 531 337 485 431

Total income (1–3) 11,311 11,953 12,367 11,656 11,406 11,970 11,438

4. Net expenses for claims and benefi ts – Gross 7,462 7,736 8,647 7,766 7,723 7,618 7,708– Ceded share 180 168 226 247 255 219 314– Net 7,282 7,568 8,421 7,519 7,468 7,399 7,394

5. Operating expenses – Gross 2,263 2,365 2,195 2,611 2,261 2,240 2,221– Ceded share 107 142 78 172 84 115 128– Net 2,156 2,223 2,117 2,439 2,177 2,125 2,093

6. Other expenses 741 627 516 844 454 604 473

Total expenses (4–6) 10,179 10,418 11,054 10,802 10,099 10,128 9,960

7. Result before impairment losses of goodwill 1,132 1,535 1,313 854 1,307 1,842 1,478

8. Impairment losses of goodwill – – – 4 – – –

9. Operating result 1,132 1,535 1,313 850 1,307 1,842 1,478

10. Finance costs 89 79 70 72 74 78 86

11. Taxes on income –173 298 269 109 510 623 406

12. Consolidated result 1,216 1,158 974 669 723 1,141 986 Thereof:– Attributable to Munich Re equity holders 1,196 1,140 958 636 707 1,116 966– Attributable to minority interests 20 18 16 33 16 25 20

€ € € € € € €

Earnings per share 5.63 5.22 4.32 2.80 3.11 4.90 4.23 *





Statement of recognised income and expense for the period 1 January to 30 September 2007

Q1–3 2007 Q1–3 2006*

€m €m

Consolidated result 3,348 2,850

Currency translation –294 –388

Unrealised gains and losses on investments –1,210 –404

Change resulting from valuation at equity –10 13

Change resulting from cash fl ow hedges –15 –4

Actuarial gains and losses on defi ned benefi t plans 12 26

Change in consolidated group 12 –42

Other changes 15 –39

Income and expense recognised directly in equity –1,490 –838

Total recognised income and expense 1,858 2,012Thereof:– Attributable to Munich Re equity holders 1,818 2,025– Attributable to minority interests 40 –13– Adjustments pursuant to IAS 8 –7 –3*



Statement of recognised income and expense


Group statement of changes in equity

Equity attributable to Munich Re equity holders Minority Total

interests equity

Issued Capital Retained earnings Other reserves Consoli- capital reserve dated result

Retained Own Unreal- Reserve Valuation earnings shares ised from result before held gains currency from deduction and trans- cash fl ow of own losses lation hedgesAll fi gures in €m shares

Status at 31.12.2005* 588 6,800 7,955 –201 6,056 –34 6 2,679 449 24,298

Allocation to retainedearnings – – 1,972 – – – – –1,972 – –

Total recognised incomeand expense* – – 4 – –377 –387 –4 2,789 –13 2,012Thereof:– Adjustments pursuant

to IAS 8 – – – – 7 2 – –10 –2 –3

Dividend – – – – – – – –707 –20 –727

Share buy-backs – – – –34 – – – – – –34

Status at 30.9.2006* 588 6,800 9,931 –235 5,679 –421 2 2,789 416 25,549

Status at 31.12.2006* 588 6,800 9,860 –460 6,241 –626 14 3,425 478 26,320

Allocation to retainedearnings – – 2,437 – – – – –2,437 – –

Total recognised incomeand expense – – 30 – –1,195 –297 –14 3,294 40 1,858Thereof:– Adjustments pursuant

to IAS 8 – – – – – 1 – –7 –1 –7

Dividend – – – – – – – –988 –18 –1,006

Share buy-backs – – – –2,315 – – – – – –2,315

Retirement of own shares – – –1,500 1,500 – – – – – –

Status at 30.9.2007 588 6,800 10,827 –1,275 5,046 –923 – 3,294 500 24,857*



Group statement of changes in equity


Consolidated cash fl ow statement for the period1 January to 30 September 2007

Q1–3 2007 Q1–3 2006*

€m €m

Consolidated result 3,348 2,850

Net change in technical provisions 3,475 2,825

Change in deferred acquisition costs –210 –100

Change in deposits retained and accounts receivable and payable 1,625 –239

Change in other receivables and liabilities 846 1,758

Gains and losses on the disposal of investments –2,579 –2,221

Change in securities held for trading –716 –546

Change in other balance sheet items 214 722

Other income/expenses without impact on cash fl ow 899 898

I. Cash fl ows from operating activities 6,902 5,947

Infl ows from the sale of consolidated companies 70 10

Outfl ows for the acquisition of consolidated companies 42** –

Change from the acquisition, sale and maturities of other investments –4,669 –3,697

Change from the acquisition and sale of investments for unit-linked life insurance –192 –171

Other 105 37

II. Cash fl ows from investing activities –4,728 –3,821

Infl ows from increases in capital – –

Outfl ows for share buy-backs 2,315 34

Dividend payments 1,006 727

Change from other fi nancing activities 1,537 –1,461

III. Cash fl ows from fi nancing activities –1,784 –2,222

Cash fl ows for the fi nancial year (I + II + III) 390 –96

Effect of exchange rate changes on cash –13 –10

Cash at the beginning of the fi nancial year 2,172 2,337

Cash at the end of the fi nancial year 2,549 2,231 *

Adjusted owing to IAS 8. **

The estimate of the cash acquired with the Bell & Clements Group in the second quarter has been adjusted pursuant toIFRS 3.62.


Consolidated cash fl ow statement


Segment reporting

Segment assets Reinsurance

Life and health Property-casualty

30.9.2007 31.12.2006* 30.9.2007 31.12.2006*

€m €m €m €m

A. Intangible assets 287 275 1,149 1,202

B. Investments

I. Land and buildings, including buildings on third-party land 459 585 659 766 Thereof: – Investment property held for sale 12 102 16 128

II. Investments in affi liated companies and associates 2,453 2,553 3,386 3,281

III. Loans 136 181 174 215

IV. Other securities 1. Held to maturity – – – – 2. Available for sale 11,047 10,932 49,077 48,339 3. Held for trading 137 117 553 595

11,184 11,049 49,630 48,934

V. Deposits retained on assumed reinsurance 13,711 14,579 1,727 1,837

VI. Other investments 625 301 1,062 702

28,568 29,248 56,638 55,735

C. Investments for the benefi t of life insurance policyholders who bear the investment risk – – – –

D. Ceded share of technical provisions 739 844 3,219 3,871

E. Other segment assets 5,939 6,365 8,309 8,421 Thereof:

– Other segment assets relating to disposal groups – 4 – 8

Total segment assets 35,533 36,732 69,315 69,229*



Segment reporting


Primary insurance Asset management Consolidation Total


30.9.2007 31.12.2006 30.9.2007 31.12.2006* 30.9.2007 31.12.2006 30.9.2007 31.12.2006 30.9.2007 31.12.2006*

€m €m €m €m €m €m €m €m €m €m

1,694 1,730 1,037 1,082 17 10 –5 –15 4,179 4,284

2,736 3,189 93 114 65 67 –1 –1 4,011 4,720 722 908 2 26 23 – – – 775 1,164

529 1,063 3,200 3,290 100 106 –8,442 –8,990 1,226 1,303

34,427 29,362 1,628 1,585 7 104 –1,576 –1,919 34,796 29,528

206 242 8 10 – – – – 214 252 55,218 57,383 6,115 6,254 167 34 – –27 121,624 122,915 418 344 363 287 – – – – 1,471 1,343

55,842 57,969 6,486 6,551 167 34 – –27 123,309 124,510

276 253 19 18 – – –4,869 –4,756 10,864 11,931

985 1,892 502 257 448 293 –535 –385 3,087 3,060

94,795 93,728 11,928 11,815 787 604 –15,423 –16,078 177,293 175,052

2,063 1,820 – – – – – – 2,063 1,820

6,556 6,357 1,612 1,528 – – –6,331 –6,007 5,795 6,593

11,537 11,286 3,964 3,847 102 144 –1,936 –1,967 27,915 28,096

96 70 – – – – – – 96 82

116,645 114,921 18,541 18,272 906 758 –23,695 –24,067 217,245 215,845


Segment reporting


Segment reporting

Segment liabilities Reinsurance


30.9.2007 31.12.2006* 30.9.2007 31.12.2006*

€m €m €m €m

A. Subordinated liabilities 1,921 1,349 2,599 1,682

B. Gross technical provisions

I. Unearned premiums 180 195 4,484 4,362

II. Provision for future policy benefi ts 15,925 16,706 647 738

III. Provision for outstanding claims 4,858 4,489 35,686 36,482

IV. Other technical provisions 1,095 1,114 246 232Thereof:– Provision for deferred premium refunds relating to disposal groups – – – –

22,058 22,504 41,063 41,814

C. Gross technical provisions for life insurance policies where the investmentrisk is borne by the policyholders – – – –

D. Other accrued liabilities 704 685 1,420 1,382

E. Other segment liabilities 4,420 4,638 7,284 6,714 Thereof:

– Other segment liabilities relating to disposal groups 2 15 2 19

Total segment liabilities 29,103 29,176 52,366 51,592 *



Segment reporting




30.9.2007 31.12.2006* 30.9.2007 31.12.2006* 30.9.2007 31.12.2006 30.9.2007 31.12.2006 30.9.2007 31.12.2006*

€m €m €m €m €m €m €m €m €m €m

1 2 394 398 – – –10 –12 4,905 3,419

125 92 1,803 1,468 – – –352 –247 6,240 5,870

83,426 81,561 301 267 – – –4,713 –4,612 95,586 94,660

2,160 2,245 4,900 4,737 – – –976 –877 46,628 47,076

9,757 9,799 123 113 – – –326 –329 10,895 10,929 –113 –169 – – – – – – –113 –169

95,468 93,697 7,127 6,585 – – –6,367 –6,065 159,349 158,535

2,185 1,930 – – – – – – 2,185 1,930

1,160 1,153 1,739 1,675 57 47 –75 –77 5,005 4,865

13,671 13,702 3,828 4,044 647 524 –8,906 –8,846 20,944 20,776

292 258 – 4 19 – – – 315 296

112,485 110,484 13,088 12,702 704 571 –15,358 –15,000 192,388 189,525

Equity 24,857 26,320

Total equity and liabilities 217,245 215,845


Segment reporting


Segment reporting

Segment income statement Reinsurance

1.1.–30.9.2007


Q1–3 2007 Q1–3 2006 Q1–3 2007 Q1–3 2006

€m €m €m €m

Gross premiums written 5,524 5,844 10,945 10,993Thereof:– From insurance transactions with other segments 525 551 673 578– From insurance transactions with external third parties 4,999 5,293 10,272 10,415

1. Earned premiums– Gross 5,528 5,852 10,680 10,993– Ceded 201 307 579 738– Net 5,327 5,545 10,101 10,255

2. Investment result– Investment income 1,619 1,448 4,096 2,983– Investment expenses 431 208 1,773 788– Total 1,188 1,240 2,323 2,195Thereof:– Income from associates 3 6 18 30

3. Other income 231 216 486 397

Total income (1–3) 6,746 7,001 12,910 12,847

4. Expenses for claims and benefi ts– Gross 4,245 4,574 7,375 7,026– Ceded share 98 216 302 393– Net 4,147 4,358 7,073 6,633

5. Operating expenses– Gross 1,501 1,674 3,079 2,960– Ceded share 48 80 230 198– Net 1,453 1,594 2,849 2,762

6. Other expenses 298 266 621 541

Total expenses (4–6) 5,898 6,218 10,543 9,936

7. Result before impairment losses of goodwill 848 783 2,367 2,911


9. Operating result 848 783 2,367 2,911

10. Finance costs 80 72 137 120

11. Taxes on income 52 282 167 859

12. Consolidated result 716 429 2,063 1,932Thereof:– Attributable to Munich Re equity holders 716 429 2,063 1,932– Attributable to minority interests – – – –

* Adjusted owing to IAS 8.


Segment reporting




Q1–3 2007 Q1–3 2006* Q1–3 2007 Q1–3 2006 Q1–3 2007 Q1–3 2006 Q1–3 2007 Q1–3 2006 Q1–3 2007 Q1–3 2006*

€m €m €m €m €m €m €m €m €m €m

8,391 8,449 4,429 3,940 – – –1,213 –1,146 28,076 28,080 1 1 14 16 – – –1,213 –1,146 – – 8,390 8,448 4,415 3,924 – – – – 28,076 28,080

8,360 8,418 4,087 3,678 – – –1,098 –1,088 27,557 27,853 639 663 813 732 – – –1,098 –1,088 1,134 1,352 7,721 7,755 3,274 2,946 – – – – 26,423 26,501

5,408 4,917 602 557 81 48 –511 –363 11,295 9,590 1,384 1,478 114 87 4 7 –47 –38 3,659 2,530 4,024 3,439 488 470 77 41 –464 –325 7,636 7,060

241 12 –5 24 13 4 – – 270 76

898 624 436 538 249 236 –728 –758 1,572 1,253

12,643 11,818 4,198 3,954 326 277 –1,192 –1,083 35,631 34,814

10,628 10,154 2,449 2,105 – – –852 –810 23,845 23,049 415 416 464 410 – – –705 –647 574 788 10,213 9,738 1,985 1,695 – – –147 –163 23,271 22,261

1,247 1,175 1,327 1,229 – – –331 –316 6,823 6,722 174 171 215 193 – – –340 –315 327 327 1,073 1,004 1,112 1,036 – – 9 –1 6,496 6,395

928 673 607 640 249 227 –819 –816 1,884 1,531

12,214 11,415 3,704 3,371 249 227 –957 –980 31,651 30,187

429 403 494 583 77 50 –235 –103 3,980 4,627

– – – – – – – – – –

429 403 494 583 77 50 –235 –103 3,980 4,627

1 1 18 44 3 3 –1 –2 238 238

151 238 1 141 25 17 –2 2 394 1,539

277 164 475 398 49 30 –232 –103 3,348 2,850

249 138 446 365 49 30 –229 –105 3,294 2,789 28 26 29 33 – – –3 2 54 61


Segment reporting


Segment reporting

Segment income statement Reinsurance

1.7.–30.9.2007


Q3 2007 Q3 2006 Q3 2007 Q3 2006

€m €m €m €m

Gross premiums written 1,866 1,945 3,610 3,559Thereof:– From insurance transactions with other segments 170 185 160 146– From insurance transactions with external third parties 1,696 1,760 3,450 3,413

1. Earned premiums– Gross 1,876 1,919 3,486 3,658– Ceded 67 77 208 262– Net 1,809 1,842 3,278 3,396

2. Investment result– Investment income 541 460 1,347 893– Investment expenses 180 59 845 231– Total 361 401 502 662Thereof:– Income from associates 2 3 7 9

3. Other income 67 59 150 96

Total income (1–3) 2,237 2,302 3,930 4,154

4. Expenses for claims and benefi ts– Gross 1,343 1,540 2,379 2,305– Ceded share 26 59 88 158– Net 1,317 1,481 2,291 2,147

5. Operating expenses– Gross 575 563 963 991– Ceded share 19 12 64 59– Net 556 551 899 932

6. Other expenses 95 83 211 155

Total expenses (4–6) 1,968 2,115 3,401 3,234

7. Result before impairment losses of goodwill 269 187 529 920


9. Operating result 269 187 529 920

10. Finance costs 31 24 51 39

11. Taxes on income –77 61 –64 378

12. Consolidated result 315 102 542 503Thereof:– Attributable to Munich Re equity holders 315 102 542 503– Attributable to minority interests – – – –



Segment reporting




Q3 2007 Q3 2006* Q3 2007 Q3 2006 Q3 2007 Q3 2006 Q3 2007 Q3 2006 Q3 2007 Q3 2006*

€m €m €m €m €m €m €m €m €m €m

2,726 2,758 1,281 1,093 – – –335 –338 9,148 9,017

– – 5 7 – – –335 –338 – – 2,726 2,758 1,276 1,086 – – – – 9,148 9,017

2,740 2,769 1,429 1,262 – – –380 –358 9,151 9,250 200 218 288 239 – – –380 –358 383 438 2,540 2,551 1,141 1,023 – – – – 8,768 8,812

1,662 1,490 132 121 24 16 –81 –93 3,625 2,887 562 310 56 36 1 3 –9 –9 1,635 630 1,100 1,180 76 85 23 13 –72 –84 1,990 2,257

209 17 –8 10 – – – – 210 39

346 201 147 164 66 69 –223 –252 553 337

3,986 3,932 1,364 1,272 89 82 –295 –336 11,311 11,406

3,155 3,465 869 689 – – –284 –276 7,462 7,723 126 142 170 118 – – –230 –222 180 255 3,029 3,323 699 571 – – –54 –54 7,282 7,468

382 383 462 423 – – –119 –99 2,263 2,261 60 49 89 64 – – –125 –100 107 84 322 334 373 359 – – 6 1 2,156 2,177

410 208 204 216 80 73 –259 –281 741 454

3,761 3,865 1,276 1,146 80 73 –307 –334 10,179 10,099

225 67 88 126 9 9 12 –2 1,132 1,307

– – – – – – – – – –

225 67 88 126 9 9 12 –2 1,132 1,307

– – 6 11 1 1 – –1 89 74

47 47 –82 19 6 5 –3 – –173 510

178 20 164 96 2 3 15 –1 1,216 723

162 13 156 88 3 3 18 –2 1,196 707 16 7 8 8 –1 – –3 1 20 16


Segment reporting


Segment reporting

Gross premiums written* Reinsurance Primary insurance Total

Q1–3 2007 Q1–3 2006 Q1–3 2007 Q1–3 2006 Q1–3 2007 Q1–3 2006 €m €m €m €m €m €m

Europe 7,556 7,852 12,564 12,127 20,120 19,979

North America 4,861 5,230 157 121 5,018 5,351

Asia and Australasia 1,486 1,469 53 84 1,539 1,553

Africa, Near andMiddle East 573 515 19 28 592 543

Latin America 795 642 12 12 807 654

Total 15,271 15,708 12,805 12,372 28,076 28,080

*After elimination of intra-Group transactions across segments.

Investments* Reinsurance Primary insurance Asset management Total

30.9.2007 31.12.2006 30.9.2007 31.12.2006 30.9.2007 31.12.2006 30.9.2007 31.12.2006 €m €m €m €m €m €m €m €m

Europe 43,898 45,043 99,707 98,656 683 311 144,288 144,010

North America 25,773 24,824 2,721 1,936 33 22 28,527 26,782

Asia and Australasia 3,149 2,899 1,707 1,334 33 38 4,889 4,271

Africa, Near andMiddle East 739 750 38 77 1 – 778 827

Latin America 766 848 108 133 – 1 874 982

Total 74,325 74,364 104,281 102,136 750 372 179,356 176,872


Gross premiums written* Reinsurance Primary insurance Total

Q3 2007 Q3 2006 Q3 2007 Q3 2006 Q3 2007 Q3 2006 €m €m €m €m €m €m

Europe 2,434 2,578 3,907 3,811 6,341 6,389

North America 1,738 1,698 74 6 1,812 1,704

Asia and Australasia 501 535 8 23 509 558

Africa, Near andMiddle East 199 133 4 1 203 134

Latin America 274 229 9 3 283 232

Total 5,146 5,173 4,002 3,844 9,148 9,017



Segment reporting


IFRS 7, Financial Instruments: Disclosures, is applicable for accounting periods beginning on or after 1 January 2007. In addition to extended disclosure obligations in respect of recognition and measurement of fi nancial instruments, the new standard requires more extensive information on the type and extent of risks from fi nancial instruments; the requirements of IFRS 4 regarding risks from insurance contracts have been adjusted in the same way. Parallel to this, IAS 1 (rev. 2005), Presentation of Financial Statements, calls for the disclosure of aims, methods and processes used in capital management.

As from the third quarter of 2007, the system for breaking down deposits retained on assumed reinsurance business between the reinsurance segments has been modifi ed – thanks to enhanced IT functionalities – to achieve a more direct allocation. This also results in a shift in “other securities”. The change has no effect on equity. We have adjusted previous-year fi gures retrospectively in accordance with IAS 8, without impact on profi t or loss.

Notes

Recognition and measurementThis quarterly report as at 30 September 2007 has been prepared in accordance with International Financial Reporting Standards (IFRSs) as applicable in the Euro-pean Union. We have complied with all new and amended IFRSs whose application is compulsory for the fi rst time for periods beginning on 1 January 2007. Otherwise, the same principles of recognition, measurement and consoli-dation have been applied as in our consolidated fi nancial statements as at 31 December 2006. In accordance with IAS 34.41, greater use is made of estimation methods and planning data in preparing our quarterly fi gures than in our annual fi nancial reporting.

Taxes on income in the Munich Re Group’s quarterly fi nancial statements are calculated in the same way as for the consolidated fi nancial statements as at 31 December 2006, i.e. a direct tax calculation is made per quarterly result of the individual consolidated companies.

The following effects from the fi rst-time application of new or amended IFRSs will be of signifi cance for the consolidated fi nancial statements as at 31 December 2007:

33

Notes to the consolidated fi nancial statements


QB_3.07_ab33_engl 33QB_3.07_ab33_engl 33 04.11.2007 22:33:00 Uhr04.11.2007 22:33:00 Uhr


Changes in the consolidated groupOn 21 September 2007, the Munich Re Group acquired all outstanding shares in Cairnstone, Inc. via its subsidiary Munich Reinsurance America, Inc. With this transaction, our stake in one of the leading providers of stop-loss covers for US employers that fi nance their employees’ healthcare expenditure was increased from 25% to 100%. The purchase price for the share increase was €18.3m and includes incidental acquisition expenses, other costs such as consulting services, and taxes incurred. In addition to goodwill totalling €12.0m, we also acquired other intan-

gible assets of €5.6m. This capitalisation is based mainly on the tapping of additional future business potential, the use of the company’s distribution network as well as its sales, marketing and insurance know-how, and the planned expansion of business relations with existing clients.

Foreign currency translationMunich Re’s presentation currency is the euro (€). The following table shows the exchange rates of the most important currencies for our business:


Currency translation rates Balance sheet Income statement Income statement

Rate for €1: 30.9.2007 31.12.2006 Q3 2007 Q2 2007 Q1 2007 Q3 2006 Q2 2006 Q1 2006

Australian dollar 1.60705 1.67300 1.62295 1.62254 1.66693 1.68366 1.68371 1.62793

Canadian dollar 1.41320 1.53450 1.43712 1.48145 1.53558 1.42841 1.41098 1.38917

Pound sterling 0.69805 0.67375 0.67997 0.67890 0.67059 0.67980 0.68804 0.68640

Rand 9.80820 9.29750 9.75928 9.56422 9.48893 9.10997 8.12931 7.40214

Swiss franc 1.66135 1.60965 1.64788 1.64734 1.61619 1.57688 1.56350 1.55929

US dollar 1.42215 1.31865 1.37407 1.34828 1.31062 1.27441 1.25700 1.20220

Yen 163.5690 157.1240 161.9790 162.7890 156.4280 148.0810 143.7610 140.5450

Carrying amounts Unrealised Amortised gains/losses cost

All figures in €m 30.9.2007 31.12.2006 30.9.2007 31.12.2006 30.9.2007 31.12.2006

Fixed-interest securities 96,713 96,881 –423 792 97,136 96,089

Non-fixed-interest securities– Shares 22,284 23,268 6,602 7,992 15,682 15,276

– Investment funds 2,007 2,205 378 455 1,629 1,750

– Other 620 561 44 48 576 513

Total 121,624 122,915 6,601 9,287 115,023 113,628

Other securities – Available for sale

All fi gures in €m 30.9.2007 31.12.2006

I. Goodwill 3,161 3,229*

II. Other intangible assets 1,018 1,055Thereof:– Software 289 353

– Purchased insurance portfolios 577 562

– Other 152 140

Total 4,179 4,284*


Intangible assets


35


Minority interestsThese are mainly minority interests in the ERGO Insurance Group.

All fi gures in €m 30.9.2007 31.12.2006*

Unrealised gains and losses 42 69

Consolidated result 55 79

Other equity 403 330

Total 500 478*


Number of shares in circulation and number of own shares held

Number of shares 30.9.2007 31.12.2006

Number of shares in circulation 211,302,421 225,616,173

Number of own shares held 6,586,249 3,964,060

Total 217,888,670 229,580,233

The number of own shares held contains 4,550,718 shares acquired in the share buy-back programme decided on by

the Board of Management on 4 May 2007. These shares had not yet been retired at the balance sheet date.

To optimise our capital structure and with it our cost of capital, we placed a subordinated bond with a total vol-ume of €1.5bn in June of this year. It is a perpetual bond and callable by Munich Re from ten years after the date of issue. Up to then, it will have a fi xed coupon rate of 5.767% and thereafter a fl oating rate.

The fair value of the subordinated bond is hedged by means of an interest-rate swap. The changes in value of the subordinated liability and of the interest-rate swap are shown in the fi nance costs with impact on profi t or loss in each case.

Bonds and notes issued

All fi gures in €m 30.9.2007 31.12.2006

Munich Re America Corporation, Princeton7.45%, US$ 500m, Senior Notes 1996/2026S&P rating: A– 351 378

Total 351 378

Subordinated liabilities

All fi gures in €m 30.9.2007 31.12.2006

Munich Re Finance B.V., Amsterdam6.75%, €3,000m, Bonds 2003/2023S&P rating: A 2,979 2,977

Munich Re Finance B.V., Amsterdam7.625%, £300m, Bonds 2003/2028S&P rating: A 427 442

Munich Reinsurance Company, Munich5.767%, €1,500m, Bonds 2007/perpetualS&P rating: A 1,499 –

Total 4,905 3,419




Reinsurance Primary insurance Total


Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3All fi gures in €m* 2007 2006 2007 2006 2007 2006 2007 2006 2007 2006

Gross premiums written 4,999 5,293 10,272 10,415 8,390 8,448 4,415 3,924 28,076 28,080

Change in unearned premiums– Gross –1 –6 146 –59 31 31 343 261 519 227

Gross earned premiums 5,000 5,299 10,126 10,474 8,359 8,417 4,072 3,663 27,557 27,853

Ceded premiums written 199 304 505 763 104 99 243 242 1,051 1,408

Change in unearned premiums– Ceded share –1 –2 –74 25 – – –8 33 –83 56

Earned premiums– Ceded 200 306 579 738 104 99 251 209 1,134 1,352

Net earned premiums 4,800 4,993 9,547 9,736 8,255 8,318 3,821 3,454 26,423 26,501*After elimination of intra-Group transactions across segments.

Premiums



Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3All fi gures in €m* 2007 2006 2007 2006 2007 2006 2007 2006 2007 2006

Gross premiums written x x x x x x x x x x

Change in unearned premiums– Gross x x x x x x x x x x

Gross earned premiums x x x x x x x x x x

Ceded premiums written x x x x x x x x x x

Change in unearned premiums– Ceded share x x x x x x x x x x

Earned premiums– Ceded x x x x x x x x x x

Net earned premiums x x x x x x x x x x*After elimination of intra-Group transactions across segments.

























Gross premiums written 1,696 1,760 3,450 3,413 2,726 2,758 1,276 1,086 9,148 9,017

Change in unearned premiums– Gross –10 27 167 –77 –13 –12 –147 –171 –3 –233

Gross earned premiums 1,706 1,733 3,283 3,490 2,739 2,770 1,423 1,257 9,151 9,250

Ceded premiums written 66 85 234 310 28 29 51 17 379 441

Change in unearned premiums– Ceded share – 9 26 48 – – –30 –54 –4 3

Earned premiums– Ceded 66 76 208 262 28 29 81 71 383 438

Net earned premiums 1,640 1,657 3,075 3,228 2,711 2,741 1,342 1,186 8,768 8,812*After elimination of intra-Group transactions across segments.








Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3All fi gures in €m1 2007 2006 2007 2006 2007 2006 2007 2006 2007 2006 2007 2006

Land and buildings, including buildings on third-party land 55 13 227 59 435 192 27 11 3 – 747 275

Investments in affi liatedcompanies –2 1 –10 6 5 13 –11 15 1 – –17 35

Investments in associates 3 6 18 31 241 12 –4 23 12 4 270 76

Loans 3 2 8 4 961 815 44 41 – – 1,016 862

Other securities heldto maturity – – – – 9 12 – 1 – – 9 13

Other securities available for sale – Fixed-interest 477 421 843 954 1,223 1,484 135 127 4 1 2,682 2,987

– Non-fi xed-interest 333 279 1,383 1,204 1,318 1,387 169 214 – –1 3,203 3,083

Other securities heldfor trading – Fixed-interest – – 11 22 –1 – 7 7 – – 17 29

– Non-fi xed-interest – – – – – 8 1 1 – – 1 9

– Derivatives –53 –27 –237 –114 –80 –337 – 6 – – –370 –472

Deposits retained on assumed and ceded reinsurance, and otherinvestments2 246 362 19 93 –21 –32 12 3 48 30 304 456

Investments for the benefi t of life insurance policyholders who bearthe investment risk – – – – 51 39 – – – – 51 39

Expenses for the management of investments, other expenses 22 24 93 106 146 183 16 19 – – 277 332

Total 1,040 1,033 2,169 2,153 3,995 3,410 364 430 68 34 7,636 7,0601 After elimination of intra-Group transactions across segments.2 The expenses previously recognised here for deposits on ceded business are now recognised under expenses for claims and benefi ts.

Investment result by type of investment and segment






Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3All fi gures in €m1 2007 2006 2007 2006 2007 2006 2007 2006 2007 2006 2007 2006

Land and buildings, including buildings on third-party land 4 5 16 17 42 55 1 4 1 – 64 81

Investments in affi liatedcompanies – 1 –1 6 –4 –2 – –4 1 – –4 1

Investments in associates 2 3 7 10 209 17 –7 9 –1 – 210 39

Loans 1 1 3 2 338 282 15 13 – – 357 298

Other securities heldto maturity – – – – 3 2 – 1 – – 3 3

Other securities available for sale – Fixed-interest 153 101 256 362 314 514 43 36 2 1 768 1,014

– Non-fi xed-interest 89 59 382 263 187 254 16 19 – –1 674 594

Other securities heldfor trading – Fixed-interest – – 8 20 –1 – –2 2 – – 5 22

– Non-fi xed-interest – – – – – 7 1 1 – – 1 8

– Derivatives –19 9 –98 37 78 58 1 1 – – –38 105

Deposits retained on assumed and ceded reinsurance, and otherinvestments2 65 125 –2 31 –13 –12 9 1 18 10 77 155

Investments for the benefi t of life insurance policyholders who bearthe investment risk – – – – –25 56 – – – – –25 56

Expenses for the management of investments, other expenses 8 8 36 36 51 67 7 8 – – 102 119

Total 287 296 535 712 1,077 1,164 70 75 21 10 1,990 2,2571 After elimination of intra-Group transactions across segments.2 The expenses previously recognised here for deposits on ceded business are now recognised under expenses for claims and benefi ts.

Investment result by type of investment and segment




Investment income by segment



Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3All fi gures in €m* 2007 2006 2007 2006 2007 2006 2007 2006 2007 2006 2007 2006

Regular income 920 888 1,653 1,546 3,300 3,196 296 288 71 38 6,240 5,956

Income from write-ups 134 33 566 148 93 173 5 4 – – 798 358

Gains on the disposalof investments 410 290 1,715 1,266 1,884 1,436 175 221 1 3 4,185 3,216

Other income – – – – 72 60 – – – – 72 60

Total 1,464 1,211 3,934 2,960 5,349 4,865 476 513 72 41 11,295 9,590* After elimination of intra-Group transactions across segments.



Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3All fi gures in €m* 2007 2006 2007 2006 2007 2006 2007 2006 2007 2006 2007 2006

Regular income 280 253 508 526 1,059 958 86 81 22 11 1,955 1,829

Income from write-ups 57 23 252 105 63 141 3 1 – – 375 270

Gains on the disposalof investments 140 72 607 317 530 333 37 28 – 1 1,314 751

Other income – – – – –19 37 – – – – –19 37

Total 477 348 1,367 948 1,633 1,469 126 110 22 12 3,625 2,887* After elimination of intra-Group transactions across segments.




Investment expenses by segment



Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3All fi gures in €m* 2007 2006 2007 2006 2007 2006 2007 2006 2007 2006 2007 2006

Write-downs of investments 199 64 874 292 463 701 27 17 1 1 1,564 1,075

Losses on the disposalof investments 182 87 713 393 643 473 68 42 – – 1,606 995

Management expenses,interest charges andother expenses 43 27 178 122 248 281 17 24 3 6 489 460

Total 424 178 1,765 807 1,354 1,455 112 83 4 7 3,659 2,530* After elimination of intra-Group transactions across segments.



Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3All fi gures in €m* 2007 2006 2007 2006 2007 2006 2007 2006 2007 2006 2007 2006

Write-downs of investments 95 18 439 77 151 86 16 6 – – 701 187

Losses on the disposalof investments 77 24 317 115 320 151 34 18 – – 748 308

Management expenses,interest charges andother expenses 18 10 76 44 85 68 6 11 1 2 186 135

Total 190 52 832 236 556 305 56 35 1 2 1,635 630* After elimination of intra-Group transactions across segments.




Expenses for claims and benefi ts



Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3All figures in €m1 2007 2006 2007 2006 2007 20063 2007 2006 2007 20063

GrossClaims and benefi ts paid 3,105 3,642 6,535 5,881 7,324 6,944 2,239 2,023 19,203 18,490

Change in technical provisions– Provision for future policy benefi ts 373 207 17 22 1,450 1,507 30 32 1,870 1,768

– Provision for outstanding claims 249 206 466 787 –100 8 149 28 764 1,029

– Provision for premium refunds – –1 –5 – 1,834 1,549 20 14 1,849 1,562

Other underwriting result – –4 7 50 144 151 8 3 159 200

Gross expenses for claims and benefi ts 3,727 4,050 7,020 6,740 10,652 10,159 2,446 2,100 23,845 23,049

Ceded shareClaims and benefi ts paid 285 147 766 492 54 48 201 155 1,306 842

Change in technical provisions– Provision for future policy benefi ts –15 50 – – 64 60 – – 49 110

– Provision for outstanding claims –154 27 –455 –81 –3 –8 –98 –34 –710 –96

– Provision for premium refunds – – – – – – 1 – 1 –

Other underwriting result2 –18 –8 –8 –18 –47 –41 1 –1 –72 –68

Ceded share of expenses for claimsand benefi ts 98 216 303 393 68 59 105 120 574 788

NetClaims and benefi ts paid 2,820 3,495 5,769 5,389 7,270 6,896 2,038 1,868 17,897 17,648

Change in technical provisions– Provision for future policy benefi ts 388 157 17 22 1,386 1,447 30 32 1,821 1,658

– Provision for outstanding claims 403 179 921 868 –97 16 247 62 1,474 1,125

– Provision for premium refunds – –1 –5 – 1,834 1,549 19 14 1,848 1,562

Other underwriting result 18 4 15 68 191 192 7 4 231 268

Net expenses for claims and benefi ts 3,629 3,834 6,717 6,347 10,584 10,100 2,341 1,980 23,271 22,2611 After elimination of intra-Group transactions across segments.2 This includes expenses for deposits retained on ceded business that were previously included in the investment result.3 Adjusted owing to IAS 8.




Expenses for claims and benefi ts



Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3All figures in €m1 2007 2006 2007 2006 2007 20063 2007 2006 2007 20063

GrossClaims and benefi ts paid 985 817 2,078 2,147 2,371 2,293 773 665 6,207 5,922

Change in technical provisions– Provision for future policy benefi ts 90 73 8 12 261 479 9 12 368 576

– Provision for outstanding claims 105 473 165 29 –4 10 72 2 338 514

– Provision for premium refunds – –1 2 2 493 615 11 5 506 621


Gross expenses for claims and benefi ts 1,181 1,365 2,258 2,204 3,156 3,467 867 687 7,462 7,723

Ceded shareClaims and benefi ts paid 29 –39 190 186 14 12 67 77 300 236

Change in technical provisions– Provision for future policy benefi ts –7 42 – – 24 24 – – 17 66

– Provision for outstanding claims 12 57 –99 –22 –3 – –23 –62 –113 –27

– Provision for premium refunds – – – – – – – – – –

Other underwriting result2 –7 –1 –2 –6 –16 –14 1 1 –24 –20

Ceded share of expenses for claimsand benefi ts 27 59 89 158 19 22 45 16 180 255

NetClaims and benefi ts paid 956 856 1,888 1,961 2,357 2,281 706 588 5,907 5,686

Change in technical provisions– Provision for future policy benefi ts 97 31 8 12 237 455 9 12 351 510

– Provision for outstanding claims 93 416 264 51 –1 10 95 64 451 541

– Provision for premium refunds – –1 2 2 493 615 11 5 506 621


Net expenses for claims and benefi ts 1,154 1,306 2,169 2,046 3,137 3,445 822 671 7,282 7,4681 After elimination of intra-Group transactions across segments.2 This includes expenses for deposits retained on ceded business that were previously included in the investment result.3 Adjusted owing to IAS 8.





Operating expenses



Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3 Q1–3All figures in €m* 2007 2006 2007 2006 2007 2006 2007 2006 2007 2006

Acquisition costs –6 –13 –25 52 933 834 817 734 1,719 1,607

Management expenses 178 185 614 579 314 312 501 487 1,607 1,563

Amortisation of PVFP –1 1 1 – –7 14 – – –7 15

Reinsurance commission andprofi t commission 1,176 1,358 2,305 2,156 16 16 7 7 3,504 3,537

Gross operating expenses 1,347 1,531 2,895 2,787 1,256 1,176 1,325 1,228 6,823 6,722

Ceded share of acquisition costs 9 –16 16 –7 –2 31 4 –3 27 5

Commission received on ceded business 39 97 214 205 14 –10 33 30 300 322

Operating expenses – Ceded share 48 81 230 198 12 21 37 27 327 327

Net operating expenses 1,299 1,450 2,665 2,589 1,244 1,155 1,288 1,201 6,496 6,395* After elimination of intra-Group transactions across segments.



Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3All figures in €m* 2007 2006 2007 2006 2007 2006 2007 2006 2007 2006

Acquisition costs 20 4 –15 57 301 272 294 259 600 592

Management expenses 57 60 200 215 98 101 165 163 520 539

Amortisation of PVFP –1 – 1 – –18 5 – – –18 5

Reinsurance commission andprofi t commission 444 450 708 667 6 5 3 3 1,161 1,125

Gross operating expenses 520 514 894 939 387 383 462 425 2,263 2,261

Ceded share of acquisition costs 7 –1 –2 –9 – 3 5 2 10 –5

Commission received on ceded business 12 14 66 67 3 –5 16 13 97 89

Operating expenses – Ceded share 19 13 64 58 3 –2 21 15 107 84

Net operating expenses 501 501 830 881 384 385 441 410 2,156 2,177* After elimination of intra-Group transactions across segments.




The main changes in premiums in the consolidated bal-ance sheet and the consolidated income statement in relation to the comparative fi gures shown, as well as their development in the period under review, are explained in more detail in the management report on page 4.

Non-current assets and disposal groups held for saleOwnership of the following items fi rst classifi ed as “held for sale” at 31 December 2006 was transferred in the period January to September 2007: German owner-occupied property with a carrying value of €720m and German investment property with a carrying value of €66m. These items are therefore no longer recognised at the reporting date.

The major part of the investment property fi rst classi-fi ed as “held for sale” in the fi rst quarter of 2007 is still recognised at the reporting date – with a carrying amount of €6m – since ownership is not scheduled to be trans-ferred until the fourth quarter of 2007. Subsequent valu-ation of these assets classifi ed as “held for sale” did not give rise to any recognised income or expense at the bal-ance sheet date.

The carrying amount of the investment property held by the closed-end property fund OIK Mediclin, which was also classifi ed as “held for sale” at the end of 2006, remains virtually unchanged at 30 September 2007. After the reporting date, the Munich Re Group dropped its plan to sell its majority stake in the closed-end property fund OIK Mediclin. This change in plan was occasioned by the signifi cant al ter ation in the investment behaviour of potentially interested parties since the onset of the sub-prime mortgage crisis in the USA, which no longer makes a sale appear attractive under current conditions. The 21 hospital properties that were fi rst recognised as “held for sale” at the end of 2006 will therefore remain in the Munich Re Group’s possession.

The property portfolio of HGE Haus- und Grund-besitzgesellschaft Elsterwerda mbH, a company belong-ing to Ideenkapital, was classifi ed in disposal groups in

the second quarter of 2007; the carrying amount of this property remains unchanged at 30 September. A sale is still expected to be completed in the fi nancial year 2007.

In the third quarter of 2007, the Munich Re Group adopted a plan to sell its 50% stake in real-estate fund EUREKA Offi ce Fund. As the sale took place in the third quarter, the stake is no longer recognised at the reporting date. Established in 2001, the assets of the EUREKA Offi ce Fund were most recently invested in two top properties in the Central Business District of Singapore.

At the end of September – upon conclusion of a bid-ding process – the Munich Re Group contractually com-mitted to sell a mainly commercial real-estate portfolio of investment and owner-occupied commercial property in Germany with a total book value of €326m. The assets concerned, and the share of the provision for deferred premium refunds and the deferred taxes apportionable to them, have been classifi ed in disposal groups as “held for sale”. The items involved are properties located mainly in large cities but also in medium-sized centres. It is expect-ed that ownership of the items will mostly be transferred before the end of the fi nancial year 2007.

Besides this, further investment property with abook value of €65m was classifi ed in disposal groups as “held for sale” in the third quarter of 2007. The items in ques tion are hotels located in large cities and medium-sized centres. Ownership will probably be transferred in the fi nancial year 2008.

Related parties Transactions between Munich Re and subsidiaries that are to be deemed related parties have been eliminated in consolidation and are not disclosed in the notes. Busi-ness relations with unconsolidated subsidiaries are of sub ordinate importance as a whole; this also applies to business relations with associates.

There were no notifi able transactions between Board members and the Munich Re Group.



Contingent liabilities, other fi nancial commitmentsIn comparison with the situation at 31 December 2006, there have been no material changes in fi nancial commit-ments of signifi cance for the assessment of the Group’s fi nancial position. No contingent liabilities have been entered into for the benefi t of Board members.

Events after the balance sheet dateUnder the share buy-back programme decided on by the Munich Re Board of Management in the second quarter of 2007, a further 2.0 million Munich Re shares with a volume of €265m had been repurchased by the end of October 2007.

In mid-October 2007, we concluded an agreement with US primary insurer Midland, under which we will acquire 100% of this company’s shares for a purchase price of around €0.9bn. With premium income of €679m and a combined ratio of 93.0% in 2006, Midland is a lead-ing US specialty insurer in such niche segments as the insurance of manufactured housing and motorhomes.

At the end of October, we acquired the British company MSP Underwriting Ltd. and thus a stake of 47.3% in Lloyd‘s Syndicate 318. MSP Underwriting focuses on international property business.

In addition, on 30 October we acquired a share of 26% in the Indian company HDFC General Insurance Ltd., Mumbai, via ERGO International AG. The renamed HDFC ERGO General Insurance Ltd. will operate in non-life insurance in India.

In October, we transferred earthquake risks in Japan to the capital market for the East Japan Railway Company. The catastrophe bond with a volume of US$ 260m was placed with international institutional investors.

The fi res in southern California have given rise to heavy losses which, on the basis of initial estimates, will affect the Munich Re Group with a claims burden in the double-digit million euro range.

Earnings per shareThe earnings per share fi gure is calculated by dividing the consolidated result for the reporting period by the weighted average number of shares.

Number of staffThe number of staff employed by the Group as at 30 September 2007 totalled 25,429 (25,524) in Germany and 12,557 (11,686) in other countries.

30.9.2007 31.12.2006

Reinsurance companies 7,135 6,928

Primary insurance companies 30,078 29,509

Asset management 793 773

Total 38,006 37,210

Q1–3 2007 Q1–3 2006* Q3 2007 Q3 2006*

Consolidated result attributable to Munich Re equity holders €m 3,294 2,789 1,196 707

Weighted average number of shares 217,464,503 227,798,199 212,696,273 227,500,163

Earnings per share € 15.15 12.24 5.63 3.11


Drawn up in Munich, 2 November 2007

The Board of Management




Review report

Review report

To Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München

We have reviewed the condensed interim con-solidated fi nancial statements – comprising the balance sheet, the income statement, the con-densed cash fl ow statement, the condensed state-ment of changes in equity as well as the selected explanatory notes – and the interim management report of Münchener Rückversicherungs-Gesell-schaft Aktiengesellschaft in München, for the period from 1 January 2007 to 30 September 2007, which are parts of the quarterly fi nancial report in accordance with Section 37x in conjunction with Section 37w of the WpHG (German Securities Trad-ing Act). The preparation of the condensed interim consolidated fi nancial statements in accordance with IFRS for Interim Financial Reporting, as adopted by the EU, and of the interim management report, which has been prepared according to the applicable regulations for interim management reports of the WpHG, are the responsibility of the Company’s management.

Our responsibility is to issue a report on these condensed interim consolidated fi nancial state-ments and the interim management report based on our review.

We have performed our review of the con-densed interim consolidated fi nancial statements and the interim management report in accordance with the German generally accepted standards for the review of fi nancial statements promulgated by the Institut der Wirtschaftsprüfer (IDW). Those standards require that we plan and conduct the review so that we can, through critical evaluation,

preclude, with a certain level of assurance, that the interim consolidated fi nancial statements have not been prepared, in material aspects, in accordance with IFRS for Interim Financial Reporting, as adopted by the EU, and that the interim manage-ment report has not been prepared according to the applicable regulations of the WpHG. A review is limited primarily to inquiries of company employ-ees and analytical assessments and therefore does not provide the assurance attainable in a fi nancial statement audit. Since, in accordance with our engagement, we have not performed a fi nancial statement audit, we cannot issue an auditor’s report.

Based on our review, no matters have cometo our attention that cause us to presume that the condensed interim consolidated fi nancial state-ments have not been prepared in all material respects in accordance with IFRS for Interim Finan-cial Reporting, as adopted by the EU, and that the interim management report has not been prepared according to the applicable regulations for interim management reports of the WpHG.

Munich, 5 November 2007KPMG Bayerische TreuhandgesellschaftAktiengesellschaft Wirtschaftsprüfungsgesellschaft

Klaus Becker Herbert LoyWirtschaftsprüfer Wirtschaftsprüfer(Certifi ed public (Certifi ed publicaccountant) accountant)




The offi cial German original of this quarterly report is also available from the Company. In addition, you will fi nd copies of our annual reports and interim reports, along with further current informa-tion about Munich Re and its shares, on our inter-net website (http://www.munichre.com).

Service for investors and analystsIf you have general questions on Munich Re shares, please use our shareholder hotline:Tel.: (0 18 02) 22 62 10 (6 cents per call from the Deutsche Telekom network)E-mail: [email protected]

If you are an institutional investor or analyst, please contact our investor relations team:Sascha BibertTel.: +49 (89) 38 91-39 00Fax: +49 (89) 38 91-98 88E-mail: [email protected]

Service for mediaJournalists receive information from our Press Division:Dr. jur. Christian LawrenceTel.: +49 (89) 38 91-54 00Fax: +49 (89) 38 91-35 99E-mail: [email protected]

© November 2007Münchener Rückversicherungs-GesellschaftKöniginstrasse 10780802 MünchenGermanyTel.: +49 (89) 38 91-0Fax: +49 (89) 39 90 56http://www.munichre.com

Responsible for contentCentral Division: Group Accounting

Printed byDruckerei Fritz KriechbaumerWettersteinstrasse 1282024 TaufkirchenGermany

Important dates

25 February 2008 Balance sheet press conference for 2007 financial statements (preliminary figures)11 March 2008 Balance sheet meeting of the Supervisory Board12 March 2008 Annual report for the financial year 200717 April 2008 Annual General Meeting8 May 2008 Interim report as at 31 March 20086 August 2008 Interim report as at 30 June 20087 November 2008 Interim report as at 30 September 2008


© 2007Münchener Rückversicherungs-GesellschaftKöniginstrasse 10780802 MünchenGermany

Order number 302-02816


Documents

Munich Re Group Quarterly Report 3/2007 · 2019-10-18 · Europe 2,434 2,578 6,341 6,3893,907 3,811 North America 1,738 1,698 74 6 1,812 1,704 Asia and Australasia 501 535 8 23 509